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Summary: Common wisdom holds that the advice business is not scalable. While operating leverage may be easier to attain in other industries, such as manufacturing or software development, advisory firms can achieve scale once they reach a certain level of critical mass.
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Summary: Planning for an orderly business succession seems to be one of those professional best practices more honored in the breach than the observance, especially among financial advisors. Independent research shows that fewer than 40% of all advisors—including those affiliated advisors who count on their broker-dealers to provide a backup plan—have a succession plan.
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Summary: There is a famous quote by Lewis Carroll that says, “If you don’t know where you are going, any road will get you there.” Having a vision and knowing where you want to go is one of the cornerstones of your business.
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Summary: Whether you’re a solo practitioner or a partner in an ensemble practice (or work for one), I suspect that business is good for you these days. That said, some in our field believe you’re going to be out of business within five years.
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Summary: It's time for financial advisers to start figuring out how to integrate an online advice solution into their businesses because clients will increasingly expect financial services to be delivered this way.
